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Red Fork Energy is on the acquisition trail

Published: 18:00 09 Jul 2013 EDT

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Red Fork Energy (ASX: RFE) is currently poised to make an announcement regarding funding for a potential acquisition, and the ongoing development of the Big River horizontal Mississippian oil and liquids rich gas play in northern Oklahoma.

The ASX has granted Red Fork a trading halt, with its shares placed in pre-open.

Since the beginning of calendar 2013 the company has increased drilling and permitting activity (for both horizontal Mississippian and Woodford shale wells) within the non-operated portion of its acreage position East of the Nemaha Ridge in the Mississippian play.

Red Fork’s inventory of non-operated horizontal wells at various stages from proposed, to drilled, drilled and completed and in production has grown to 24 wells.

Red Fork’s Working Interest in these wells ranges from ~1% to 43% with an average Working Interest across these wells of ~15%.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 12th July 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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